STEVENSON, Md., Aug. 26, 2013 (GLOBE NEWSWIRE) -- Brower Piven, A Professional Corporation announces that a class action lawsuit has been commenced in the United States District Court for the Northern District of California on behalf of purchasers of Velti plc ("Velti" or the "Company") (Nasdaq: VELT ) securities during the period between January 27, 2011 and August 20, 2013, inclusive (the "Class Period").
If you have suffered a net loss from investment in Velti plc securities purchased on or after January 27, 2011, and held through the revelation of negative information on August 20, 2013 as described below, at no cost to you, you may obtain additional information about this lawsuit and your ability to become a lead plaintiff by contacting Brower Piven at www.browerpiven.com , by email at hoffman@browerpiven.com , by calling 410/415-6616, or at Brower Piven, A Professional Corporation, 1925 Old Valley Road, Stevenson, Maryland 21153. Attorneys at Brower Piven have combined experience litigating securities and class action cases of over 60 years.
No class has yet been certified in the above action. Members of the Class will be represented by the lead plaintiff and counsel chosen by the lead plaintiff. If you wish to choose counsel to represent you and the Class, you must apply to be appointed lead plaintiff no later than October 21, 2013 and be selected by the Court. The lead plaintiff will direct the litigation and participate in important decisions including whether to accept a settlement and how much of a settlement to accept for the Class in the action. The lead plaintiff will be selected from among applicants claiming the largest loss from investment in Company units during the Class Period.
The complaint accuses the defendants of violations of the Securities Exchange Act of 1934 by virtue of the defendants' failure to disclose during the Class Period that certain of the Company's receivables were uncollectible and that the Company's revenues and receivables were overstated and that its reported financial results were materially false and misleading. According to the complaint, after the Company reported on August 20, 2013 its decision to write-down approximately $111 million to its trade receivables and accrued contract receivables relating to its enterprise business and announced a "major restructuring" of its business, the value of Velti shares declined significantly.
If you choose to retain counsel, you may retain Brower Piven without financial obligation or cost to you, or you may retain other counsel of your choice. You need take no action at this time to be a member of the class.
Charles J. Piven Brower Piven, A Professional Corporation Stevenson, Maryland 410/415-6616
